How to buy a house in Toronto: first toss all expectations out the window
Here are a few tips to consider when buying a house in Toronto
1) Unlike most other markets in the country, the asking price is typically the starting point. For the majority of properties—and I'm talking about houses mainly—prospective buyers should expect to bid up from there.
2) Don't get too picky. Decide what you need: parking or yard? Location or a big house? Unless you're ready to put out big bucks—if you have them. Be prepared to compromise.
3) There are no deals to be had. Don't let anybody fool you. There are no junk houses that you can buy for a steal and renovate. There's one house being advertised "as is" in the lovely neighbourhood known as The Pocket, which is listing at around $250K. That's really just the value for the land. The house is falling apart. (A note in the listing warns not to walk onto the porch/deck off the kitchen in the back because, basically, you'll fall through the floor.) That's a tear down and rebuild project. Not a do-it-yourself situation.
4) Be prepared for the long slog. It's a battlefield out there. You will see lots you like and bid on many. The scars you earn are medals of honour.
5) Keep a cool head. You will invariably get into a bidding war, but decide on your maximum and stand firm. If the house you love is selling for more, be patient another will come along.
That said, you will spend more on the purchase price than you were initially thinking you would. (Few decently built houses in Toronto in safe neighbourhoods on a subway or streetcar line below St. Clair will sell for under $300K.) And the house you inevitably get will be the one you bid highest on off all previous attempts. It's just a fact.
6) The house makes the person, not the other way around. It took a while for me to warm to the idea of neighbourhoods I originally thought were too far from the downtown core where I like living. But there are some fantastic neighbourhoods all over the city, of which I am extremely familiar with now. If anything, this whole process has offered me an opportunity to learn more about Toronto than I knew previously.
7) Finally, I've learned that the east end is not nearly "out there" as far as I thought it was. My wife's father is moving out of his house next fall, and there was a point where I thought "If we don't find a house by the time he sells his, we're buying it." It's a nice house. The problem: it's far from downtown. We're talking a 60-90 minute commute by transit, and I'm not prepared to spend the money and time commuting by car every day. (Well, not yet anyway. Maybe if we get really desperate
1) Unlike most other markets in the country, the asking price is typically the starting point. For the majority of properties—and I'm talking about houses mainly—prospective buyers should expect to bid up from there.
2) Don't get too picky. Decide what you need: parking or yard? Location or a big house? Unless you're ready to put out big bucks—if you have them. Be prepared to compromise.
3) There are no deals to be had. Don't let anybody fool you. There are no junk houses that you can buy for a steal and renovate. There's one house being advertised "as is" in the lovely neighbourhood known as The Pocket, which is listing at around $250K. That's really just the value for the land. The house is falling apart. (A note in the listing warns not to walk onto the porch/deck off the kitchen in the back because, basically, you'll fall through the floor.) That's a tear down and rebuild project. Not a do-it-yourself situation.
4) Be prepared for the long slog. It's a battlefield out there. You will see lots you like and bid on many. The scars you earn are medals of honour.
5) Keep a cool head. You will invariably get into a bidding war, but decide on your maximum and stand firm. If the house you love is selling for more, be patient another will come along.
That said, you will spend more on the purchase price than you were initially thinking you would. (Few decently built houses in Toronto in safe neighbourhoods on a subway or streetcar line below St. Clair will sell for under $300K.) And the house you inevitably get will be the one you bid highest on off all previous attempts. It's just a fact.
6) The house makes the person, not the other way around. It took a while for me to warm to the idea of neighbourhoods I originally thought were too far from the downtown core where I like living. But there are some fantastic neighbourhoods all over the city, of which I am extremely familiar with now. If anything, this whole process has offered me an opportunity to learn more about Toronto than I knew previously.
7) Finally, I've learned that the east end is not nearly "out there" as far as I thought it was. My wife's father is moving out of his house next fall, and there was a point where I thought "If we don't find a house by the time he sells his, we're buying it." It's a nice house. The problem: it's far from downtown. We're talking a 60-90 minute commute by transit, and I'm not prepared to spend the money and time commuting by car every day. (Well, not yet anyway. Maybe if we get really desperate
posted by Renovator-in-training at 2:05 PM
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